Global Microsoft outage: Banks fear cyber scammers making the most of Outlook, Office 365 issue
Banks have warned users that they should not share PINs or any sensitive information with anybody as fradusters will be trying to use the Outlook outage to shield their activities
Following the global Microsoft outage, cybercriminals are exploiting the widespread confusion to launch phishing scams and cyberattacks against unsuspecting individuals and businesses, prompting financial institutions to issue urgent warnings to their customers to remain vigilant and protect their sensitive data.
Following the global Microsoft outage, cybercriminals are exploiting the widespread confusion to launch phishing scams and cyberattacks against unsuspecting individuals and businesses, prompting financial institutions to issue urgent warnings to their customers to remain vigilant and protect their sensitive data.
Following the global Microsoft outage, cybercriminals are exploiting the widespread confusion to launch phishing scams and cyberattacks against unsuspecting individuals and businesses, prompting financial institutions to issue urgent warnings to their customers to remain vigilant and protect their sensitive data.
According to the Microsoft website, more than 430 million people use Microsoft 365 apps. The global outage offers scammers and other cybercriminals an opportunity to confuse and trap the distressed public.
According to US media reports, banks and financial institutions are aware of potential cyberattacks and scams during these hours of confusion and have given their customers a heads-up. Customers have been asked to steer clear of phishing attempts or cyber scams. Both individuals and businesses should remain vigilant in cyberspace until the global Microsoft outage is fixed, they have reportedly said.
“Scammers may contact you offering to resolve the Microsoft or other systems issues,” said ING Australia. “Do not allow anyone access to your devices without confirming with the organization through their publicly listed contact number.”
Scammers may make phone calls requesting email credentials or other sensitive data. They may say it is important that this information be shared with them for the systems to be reinstated. In many cases, these people may claim to be calling on behalf of the banks where the recipient holds an account.
They may ask for One-Time Passwords (OTPs) as well. Clicking on URLs or suspicious links shared from unknown numbers may also be a trap set for laypeople who are unfamiliar with the intricacies of the cyberworld. While sharing PINs or passwords is less common, people may click open links or attachments sent from a number claiming to be from their branch. This could well be a malware attack.
Phishing is the modus operandi when hackers pretend to be trusted organisations or individuals to trick people into revealing sensitive data, such as passwords or credit card numbers, or downloading malware. For the uninitiated, malware is malicious software designed to damage, disrupt, steal data, or gain unauthorised access to computer systems and networks.
The best way to steer clear of such criminals is to remember that no bank will ever ask for your PIN or other sensitive information. If you have any doubt about the intention of the caller, reach out to the branch through its official phone number. Only entertain the call further after getting clarification from the bank. Terminate the call immediately and avoid opening suspicious attachments shared on the bank's behalf.